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Filipinos entrepreneurs who made it without a college degree

entreprenuers who made it without a degree

Education is important if at all you want to succeed or make something out of this life but there are some Filipino entrepreneurs who have managed to make it without a college degree and this was through hard work and really believing in themselves. The only drive that one should possess in the event that they set out to do something is that they can make it no matter what. These particular Filipino entrepreneurs believed that, which is why they actually made it. They are;

Alfredo Yao

He is the President of Zest-O Corporation. Alfredo Yao came from a poor family and he became rich due to hard work and determination. He did not finish his education but this did not deter him from not making it despite that. He eventually made his Company become one of the leading juice manufacturers in the country together with China, New Zealand, Singapore and many others.

Socorro C. Ramos

Ms. Socorro C. Ramos started working as a sales girl when she was only eighteen years old in Goodwill Bookstore in Escolta. She became good in sales and was later promoted to be in charge of the store and this went on to sharpen her skills in regards to administration and selling. When she got married, she and the husband started their own bookstore called National Book Store which provided cheaper access to books and school supplies in Luzon area, Visayas and Mindanao. This later culminated into a nationwide book store that sold books, greeting cards and school supplies.

Lucio Tan

His story is probably one of the most famous and is a classic rags to riches tale. This is because he made it by believing in himself and had pure determination to succeed. He now owns Philippine Airlines, Allied Bank, Asia Brewery, Fortune Tobacco and many others major corporations in the Philippines.

How can young Filipinos get a credit card…. secured cards

Credit card Philippines

For people who have a full time employment with a good salary, a credit history with the bank (e.g. an existing credit card, savings account or checking account) and have assets such as a house then getting a credit card can be fast and simple.

But, what if you’re a fresh graduate out of college or perhaps you have no history with any banks? Or you don’t have a regular income e.g. you’re a business owner or a freelancer? In these cases it can be hard to apply for a traditional credit card in the Philippines and success rate for applications can be as low as 50%, After all how will the bank know you will repay your debts, banks need to know they can trust you and one of the methods banks use is to check your credit history. Credit history can ultimately be the difference between being approved for a credit card and being denied.

When the money monster team heard about secured cards we new this sounded like a win win situation. This type of credit card allows people with no credit history or bad credit history to build up a good credit history with the bank, in a way this is a chance for anyone really to show the bank they can be trusted and that they are financially responsible with their money. Over time, when you make your payments on time every month your credit history will increase and you will have an opportunity to apply for a better credit card or even loans.

How does it work?

The main difference with a secured card is that you need to give the bank a deposit that will be at a minimum equal to your credit limit. This means if you want a credit limit of 8,000 pesos, you will need to deposit 8,000 pesos and now you will have a credit card and be able to enjoy perks such as reward points, airmiles, discounts and secure shopping and most importantly you will now be building your credit history. But remember, this is still a credit card, you need to make sure you make the required payment every month otherwise you could loose your deposit and damage your credit history.

When can i get a regular credit card?

Usually after 1 year, if you have made all of your payments on time and demonstrated that you are financially responsible you will be eligible for a regular credit card. This is why we really recommend secured cards, it’s a very fair and easy way to prove to banks they you are trustworthy and its win win for all parties.

The following banks in the Philippines offer secured credit cards, you will need to be there in person at the bank to apply, as always make sure you bring all of your ID’s.

Metrobank, BPI, RCBC bank, Union bank